Verizon Plans Largest Debt Sale Ever

In a development that is sending ripples throughout the corporate-bond market, Verizon Communications is expected to raise $20 billion or more Sept 11 in what would be the largest-ever debt sale by a company.

Verizon will sell debt ranging in maturity from three to 30 years, the banks backing the deal said. The deal would help fund Verizon's $130 billion buyout of US wireless joint-venture partner Vodafone Group. The new 10-year Verizon bonds were being shopped around to yield 2.25 percentage points more than comparable Treasurys, according to initial price suggestions. That is about 0.70 percentage point more than where nine-year Verizon bonds were trading.